Blockchain monitoring and automation platform PARSIQ has integrated Chainlink price oracles to trigger off-chain actions and trading decisions.
PARISQ, the blockchain automation platform that serves as a multi-level bridge between blockchains and off-chain applications has integrated Chainlink’s price oracles, thus allowing developers to build new automated event workflows based on Chainlink’s secure and reliable price data.
The PARSIQ platform allows users and enterprises to connect blockchain activity to off-chain applications, monitor and secure DeFi apps, create customizable triggers, and set up automated workflows based on real-time blockchain events.
According to the release shared with Blockchain.News, by integrating Chainlink’s price reference data into PARSIQ’s blockchain monitoring and automation platform, price data is automatically fetched from Chainlink’s oracles, alongside the automated workflow PARSIQ’s monitoring platform delivers. This data can be used to automate actions and set up triggers to monitor specific token pairs’ price fluctuations.
These new Events, called “Use Case Streams”, enable developers to use asset prices to implement more complex logic and automation, such as triggers to notify traders when asset pairs reach optimal prices, adding price data to accounting workflows, or conducting other price-based calculations.
Oracles and Reverse Oracles
Oracles are services that allow smart contracts on the blockchain to receive information from external sources.
For the most part, oracles go one way: they feed off-chain data into blockchains. Data is pulled from sensors or other real-world sources. It is verified. It is delivered to the blockchain or smart contract. There is a whole world of possibility that exists with having data move the other way around.
In 2019, PARSIQ launched as a platform for monitoring blockchain transactions, proving its worth by enabling mempool-level monitoring and alerts. Meaning, transactions can be monitored in real-time and forensically tracked even before the blockchain nodes confirm them.
The use cases are immense, and the ability to track on-chain and cross-chain transactions has displayed a lot of potential in the realm of fintech, compliance, and platform security.
Essentially, this ability also makes PARSIQ a reverse-oracle. Whereas an oracle provides inbound data into a blockchain, a reverse-oracle will utilize data and updates from the blockchain and deliver it to real-world applications through notifications, alerts, and APIs.
As a platform, PARSIQ’s work starts when the oracle’s job of pulling data into the blockchain is done. This addresses the challenge that data can be either inaccessible or difficult to obtain from within the blockchain. For example: a smart contract cannot know the events happening in other smart contracts, thus creating information asymmetry or inverted data flow.
Oracles and reverse-oracles thus serve as a communications stack atop blockchain platforms and other technology solutions that developers can throw upon the decentralized network. PARSIQ, for one, can retrieve on-chain data and send it off-chain or cross-chain to other blockchain platforms for subsequent processing.
PARSIQ and Chainlink
PARSIQ will now be actively monitoring Chainlink’s price oracles, thus allowing developers to build new automated event workflows based on Chainlink’s secure and reliable price data.
One of PARSIQ’s core concepts is Smart-Triggers, which can be seen as a workflow that gets executed when a particular Blockchain Activity happens under certain conditions.
The Smart-Trigger connects to a Native Event Stream, where each condition’s matching event acts as an input for the Smart-Trigger, which then activates the workflow.
Native Event Stream of Blockchain Activity-based Events are fundamentally native to a certain blockchain or at least received a status of an integral part of it (e.g., Ethereum Token Transfers). For example, with Ethereum, we could have Transfers, Token Transfers, Smart Contract Message Calls, or Smart Contract Events. Chainlink Price Feeds enable new event streams.
Starting with the Chainlink integration, PARSIQ will introduce a new type of Event Stream called Use Case Streams. Each Use Case Stream will consist of more complex Events representing important and interesting Blockchain Activities.
Tom Tirman, PARSIQ Co-founder, said of the Chainlink integration:
“Users can receive notifications on communication platforms like Telegram or directly to API endpoints via Webhooks. Now, using this newest integration with Chainlink, individuals, startups, and enterprises that deal with blockchain transactions can reduce the complexity of retrieving high-quality pricing information, minimize costs, and save time by building automated workflows based on Chainlink’s widely used price data.”
Tracking prices can be tedious and time-consuming for most users. By integrating Chainlink’s oracles into the PARSIQ platform, users can now monitor and get notified in their personal off-chain applications when there are any pricing changes in specific token pairs they’re following. This allows all types of investors to automate their workflows based on market conditions and assess any risks in their future transactions.
Image source: Shutterstock